A former high-producing Morgan Stanley team that had joined First Republics private wealth unit in January of this year left this week for JPMorgan, according to registration records.An earlier version of this story ran as breaking news in Financial Advisor IQ on Wednesday.A high-producing team of financial advisors that had joined First Republics private wealth unit just three months ago left this week for the embattled banks lead rescuer, JPMorgan, according to registration records.The multi-office team, led by 29-year industry veteran Eric Yamin in Miami and 11-year broker Keith Caparelli in New York, made the leap to JPMorgans wealth management unit on Tuesday, according to BrokerCheck. They had joined First

A former high-producing Morgan Stanley team that had joined First Republics private wealth unit in January of this year left this week for JPMorgan, according to registration records. An earlier version of this story ran as breaking news in Financial Advisor IQ on Wednesday. A high-producing team of financial advisors that had joined First Republics private wealth unit just three months ago left this week for the embattled banks lead rescuer, JPMorgan, according to registration records. The multi-office team, led by 29-year industry veteran Eric Yamin in Miami and 11-year broker Keith Caparelli in New York, made the leap to JPMorgans wealth management unit on Tuesday, according to BrokerCheck. They had joined First Republic in early January after a three-year stint at Morgan Stanley. The team had generated about $7 million in annual revenue from $700 million in client assets, according to an AdvisorHub report on the groups prior move. Yamin had been ranked ninth on Forbes 2022 list of top private wealth advisors in the Miami area, and he and Caparelli were each named managing director at First Republic, according to the companys January announcement of their hire. As of Wednesday morning, Yamin was listed as a managing director and Caparelli as an executive director on their teams JPMorgan website. The group also includes staffers Tammy Cisneros, Brendan Ramusevic and Keegan Giordano, according to the site. A spokesperson for JPMorgan declined to comment on the hires or whether the bank had actively recruited the team. JPMorgan last month had told staff that they "should never give the appearance of exploiting a situation of stress or uncertainty," according to an internal memo, excerpts of which were seen by Reuters. "We do not make disparaging comments regarding competitors." Executives in the firms consumer and business banking division told branch employees that they "should refrain from soliciting client business from an institution in stress," the newswire reported, citing the memo. JPMorgan, along with Bank of America, Wells Fargo and Citigroup, was among the 11 banks that agreed to contribute a total of $30 billion in uninsured deposits to support First Republic after a run on the banks deposits in the wake of Silicon Valley Banks failure in March. Yamin first registered in 1994, with Oppenheimer, moved three years later for an initial tour of duty with Morgan Stanley and in 2008 moved to UBS, according to BrokerCheck. He left UBS for his second go-around with Morgan Stanley in 2019, according to the database. Caparelli first registered at UBS, in 2011, and also made the 2019 jump to Morgan Stanley, according to BrokerCheck. A spokesperson for First Republic on Wednesday declined to comment on the departure of the Yamin-Caparelli team but told FA-IQ that the "overwhelming" majority of the banks wealth managers have chosen to stay with the firm. "Our colleagues and clients continue to appreciate the unique benefits of First Republics integrated banking and wealth management model and our culture of extraordinary service," the spokesperson said in an emailed statement. First Republic, which through the start of this year had been an aggressive recruiter of financial advisors from the wirehouses and other bank-owned wealth businesses, tallied about 200 advisors and north of $270 billion in total client assets at the end of 2022. However, advisors have been exploring their options since March amid concerns that the bank was in danger of collapsing in the wake of the Silicon Valley Bank failure and other industry turmoil. Many have jumped to Morgan Stanley since mid-March, but RBC Wealth Management, UBS and Rockefeller Capital Management have also picked up defecting teams. Earlier this week, a four-member advisor team that oversaw nearly $770 million in assets at First Republic joined Morgan Stanley, according to a Wednesday report in FA-IQ sister publication FundFire. A Walnut Creek, California-based team led by advisor Jeffrey Coburn joined the wirehouse on April 6, according to the FundFire report. Coburn had spent nearly a decade at First Republic, according to BrokerCheck. A spokesperson for Morgan Stanley told FundFire that Coburn and his team were not solicited.

First Republic Bank

JPMorgan Chase & Co.

Valley National Bank

JPMorgan Picks Up FA Team That Had Newly Joined First Republic

Banks (NEC)

Corporate Banks

Investment Banking

Investment Banking & Investment Services

Investment Management

Private Banks

Wealth Management

Wealth & Asset Mgmt

Fund Management

Hedge Fund

Private Equity

Public Funds

JPMorgan | Eric Yamin | Keith Caparelli | Financial Advisor | Americas

Hire

Finance & Investment

Secondaries Executive Director, Private Equity

Director

Dean is a Senior Vice President in Wealth Solutions at Macquarie Asset Management, part of Macquarie Group, a position he has held since March 2022. Prior to this, he worked at Central Park Group, LLC, where he joined as a Vice President in Private Equity in September 2016 and was promoted to Principal in April 2020. From January 2014 to August 2016, he was a Senior Associate at Pinnacle Ventures. Earlier in his career, Dean served as an Investment Banking Analyst at Cowen and Company from 2011 to 2013 and completed a Business Analyst Internship at Kaiser Permanente in 2010. He also gained experience as a Component Engineering Intern at Northrop Grumman Corporation in 2009.

Dean holds a BS in Mechanical Engineering and a BSC in Finance, both from Santa Clara University, where he studied from 2007 to 2011.

Financial Markets

Managing Director and Head of Japan Fixed Income Trading

Senior Professional

Promotion

Leadership

Chief Executive Officer (CEO)

C-Suite (CxO)

Pranav is the Managing Director and Head of Commercial Banking India at J.P. Morgan, a position he has held since November 2019. Prior to this, he was a Managing Director in the Institutional Banking Group at DBS Bank from June 2018 to November 2019. His extensive career at Citi spanned from October 2000 to June 2018, where he held multiple roles including Managing Director and Head of Mid-Market Enterprise, Managing Director and Head of SME & Liabilities, Director and Business Head of the Liability vertical, Director and Regional Head, Senior Vice President and Regional Head, Vice President in Business Development, Vice President in Channel Product Management, Assistant Vice President in Channel Finance North, and Assistant Manager in Credit Administration. Before joining Citi, he worked as an ABAS Senior at PricewaterhouseCoopers from 1999 to 2000 and as an Assistant Manager at Deloitte from 1995 to 1999.

Pranav holds a Chartered Accountancy in Accountancy and Finance from The Institute of Chartered Accountants of India (1995 - 1998) and a Bachelor of Commerce from the University of Mumbai (1990 - 1995).

Executive Director

North America

Investment Services

Investment Associate

JPMorgan | Eric Yamin | Keith Caparelli | Financial Advisor | Americas

latest related moves